U.S. banking regulator kicks off low-income lending rules rewrite

By Katanga Johnson and Pete SchroederWASHINGTON (Reuters) - A federal regulator said on Tuesday it is seeking input on rewriting decades-old rules aimed at encouraging bank lending in low-income communities.

The move by the Office of the Comptroller of the Currency (OCC) to seek public comment is an initial step by regulators to rewrite the 1977 Community Reinvestment Act (CRA) rules, which banks say have become outdated since they were last updated in the 1990s. The rules are aimed at preventing discriminatory lending and so-called redlining.....

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